Bitcoin (BTC) has started the new week on a downward trend, experiencing a decline in price. The reason for this decline can be attributed to several factors. Over the weekend, Bitcoin and other cryptocurrencies saw significant gains, but today the market momentum turned bearish once again.
Bitcoin, in particular, fell to $54,300 levels after stalling above $55,000. This decline also affected other major cryptocurrencies such as Ethereum (ETH), Solana (SOL), and XRP. The prices of ETH and other altcoins dropped between 5% and 8%, with only Notcoin (NOT) and Starknet (STRK) experiencing small gains.
Among the cryptocurrencies that experienced the biggest losses in the last 24 hours are PEPE, Jupiter (JUP), and Dogwifhat (WIF). PEPE, in particular, saw a decrease of 11.1%. On the other hand, leveraged positions worth $279.3 million were liquidated during this period, with short positions accounting for $113 million and long positions accounting for $165.7 million.
Bitcoin had the largest liquidation amount with $115.9 million, followed by ETH with $50 million and Solana with $15 million. In total, 80,633 investors were liquidated in the last 24 hours, with the largest single liquidation order worth $22.24 million on the OKX exchange.
The decline in Bitcoin’s price can be attributed to several factors. Firstly, there is uncertainty in the cryptocurrency market, which is causing some selling pressure. Additionally, there are concerns about the German government and the Mt. Gox bankruptcy estate, with over 100 thousand creditors waiting for their cryptocurrency funds.
These negative factors are increasing investors’ anxiety about the possibility of further decline in Bitcoin’s price. However, Lin Chen, the Asia Business Development Head of Deribit, the largest options exchange, believes that if the US markets show growth on July 8, Bitcoin may find a bottom.
Chen emphasized the importance of monitoring the US stock market openings on Monday, stating that if the stock markets rise again, Bitcoin may potentially find a bottom. However, it’s important to note that this is not investment advice.
In conclusion, Bitcoin has started the week with a decline in price, along with other major cryptocurrencies. The reasons for this decline include uncertainty in the cryptocurrency market, possible selling pressure from the German government, and concerns over the Mt. Gox bankruptcy estate. Investors are anxiously waiting to see if there will be further decline, but there is a possibility that Bitcoin may find a bottom if the US markets show growth.
